WASHINGTON–Ahead of a Senate hearing today at which a credit union CEO will be among the witnesses, the Defense Credit Union Council (DCUC) has sent a letter to the Senate Committee on Banking, Housing, and Urban Affairs regarding small business deposits.
As the CU Daily reported earlier, among those appearing before the hearing, “Evaluating Perspectives on Deposit Insurance Reform,” will be Peter Rice, CEO of Hanscom FCU in Massachusetts.
In its letter, the DCUC said it sought to reiterate the importance of ensuring small-business deposits are adequately protected and that credit unions receive full parity with banks in deposit insurance coverage and emergency authorities.
‘Profound’ Effects
In the letter to Chairman Tim Scott, R-S.C., and Ranking Member Elizabeth Warren, D-Mass., DCUC Chief Advocacy Officer Jason Stverak wrote, “[DCUC’s] mission is to advocate for the interests of credit unions that serve America’s servicemembers and their families, and the issues before the Committee profoundly affect not only those institutions, but all credit unions and the communities they support. We commend you for examining deposit insurance reforms, and we stand ready to be a constructive resource as you consider improvements.”
DCUC President and CEO Tony Hernandez added in a statement, “Yesterday’s confirmation of Hanscom FCU’s testimony at the hearing is a tremendous win for two reasons. First, it highlights the impact of our members and the credit union mission. DCUC’s advocacy is designed for moments like this…to ensure that credit unions are a part of key discussions that evaluate how financial institutions serve the American public. We knew banks would be testifying, so we made sure credit unions were represented, too.
Hearing Directly From Local FIs
“Second, this underscores the willingness of congressional leaders to hear directly from local financial institutions that are helping small businesses and communities thrive,” Hernandez continued. “Our team is working closely with Hanscom to support (today’s) hearing and celebrate this shared achievement. We are confident that Peter’s testimony will deliver valuable insights and perspectives that reflect the strength and commitment of credit unions nationwide.”
